Known as a "Treasure Tag," the sensor could be attached to a range of items, including your car, bike, keys, purse, or wallet. You'd then be able to track down the location of the item directly from your smartphone courtesy of Bluetooth 4.0 and NFC (near-field communication). Once you're close enough to the item, the tag would emit a sound to pinpoint the exact spot.

Always powered on, the Treasure Tag will be equipped with a battery designed to last around six months, The Verge added. The tag would be one of the first new accessories offered by Nokia after it updates its Lumia lineup to Bluetooth 4.0 sometime in the coming weeks.

The Treasure Tag sounds similar to a device called Tile, a proximity sensor for iOS devices. Available for preorder at a price of $18.95, Tile is a small gadget that can attach to any item, allowing you to track it down through a Tile app on your iPhone.